KeyCorp Issues Positive Forecast for ResMed (NYSE:RMD) Stock Price

ResMed (NYSE:RMD) had its price objective increased by KeyCorp from $266.00 to $280.00 in a report published on Friday morning,Benzinga reports. KeyCorp currently has an overweight rating on the medical equipment provider’s stock.

A number of other equities analysts have also weighed in on RMD. Needham & Company LLC reiterated a “hold” rating on shares of ResMed in a research report on Friday. Stifel Nicolaus began coverage on ResMed in a research note on Friday, December 13th. They issued a “hold” rating and a $250.00 price target for the company. Robert W. Baird boosted their price objective on ResMed from $280.00 to $283.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Royal Bank of Canada increased their target price on ResMed from $224.00 to $232.00 and gave the stock a “sector perform” rating in a research report on Friday, October 25th. Finally, Piper Sandler boosted their price target on ResMed from $252.00 to $260.00 and gave the stock a “neutral” rating in a report on Friday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, ResMed currently has an average rating of “Moderate Buy” and an average price target of $244.73.

ResMed Price Performance

Shares of ResMed stock opened at $236.66 on Friday. The stock has a market cap of $34.74 billion, a P/E ratio of 31.35, a P/E/G ratio of 1.83 and a beta of 0.70. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.91 and a current ratio of 2.92. The stock’s fifty day moving average is $240.17 and its 200 day moving average is $236.21. ResMed has a one year low of $170.56 and a one year high of $263.05.

ResMed (NYSE:RMD) last posted its quarterly earnings data on Thursday, January 30th. The medical equipment provider reported $2.43 earnings per share for the quarter, beating analysts’ consensus estimates of $2.29 by $0.14. ResMed had a return on equity of 25.53% and a net margin of 23.15%. Sell-side analysts anticipate that ResMed will post 9.35 earnings per share for the current year.

ResMed Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 20th. Investors of record on Thursday, February 13th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 0.90%. The ex-dividend date of this dividend is Thursday, February 13th. ResMed’s dividend payout ratio (DPR) is presently 28.08%.

Insider Activity at ResMed

In other news, Director Witte Jan De sold 796 shares of ResMed stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $248.81, for a total value of $198,052.76. Following the completion of the transaction, the director now owns 6,723 shares in the company, valued at approximately $1,672,749.63. The trade was a 10.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Peter C. Farrell sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $245.65, for a total value of $491,300.00. Following the transaction, the director now directly owns 81,218 shares in the company, valued at approximately $19,951,201.70. This represents a 2.40 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,030 shares of company stock valued at $2,702,687 over the last 90 days. 0.71% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ResMed

Hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC boosted its position in shares of ResMed by 50.8% during the fourth quarter. Global Retirement Partners LLC now owns 582 shares of the medical equipment provider’s stock valued at $133,000 after buying an additional 196 shares during the period. Convergence Investment Partners LLC purchased a new position in ResMed during the 4th quarter valued at $1,026,000. Bfsg LLC grew its position in ResMed by 2.3% in the 4th quarter. Bfsg LLC now owns 17,562 shares of the medical equipment provider’s stock valued at $4,016,000 after acquiring an additional 395 shares during the last quarter. Atria Wealth Solutions Inc. bought a new position in ResMed in the 4th quarter valued at $601,000. Finally, Venturi Wealth Management LLC increased its stake in ResMed by 59.8% in the fourth quarter. Venturi Wealth Management LLC now owns 545 shares of the medical equipment provider’s stock worth $125,000 after purchasing an additional 204 shares during the period. 54.98% of the stock is currently owned by institutional investors.

ResMed Company Profile

ResMed Inc develops, manufactures, distributes, and markets medical devices and cloud-based software applications for the healthcare markets. The company operates in two segments, Sleep and Respiratory Care, and Software as a Service. It offers various products and solutions for a range of respiratory disorders, including ApneaLink Air, a portable diagnostic device that measures oximetry, respiratory effort, pulse, nasal flow, and snoring; and NightOwl, a portable, cloud-connected, and disposable diagnostic device that measures AHI based on derived peripheral arterial tone, actigraphy, and oximetry over several nights.